ActimizeWatch for AML, delivered by X-Sight
We Watch, So You Don’t Have To
ActimizeWatch is a cloud-based managed analytics service that continuously monitors criminal typologies and AML model performance. With AML expertise and machine learning, ActimizeWatch proactively optimizes Actimize anti-money laundering models, when needed, with minimal impact to on-premises resources at a Financial Institution (FI). ActimizeWatch managed analytics extends a financial institution’s compliance team with data science and AML expertise.
Analytics Monitoring and Reporting
ActimizeWatch clients continuously send anonymized activity data, without any customer PII, from their production environment to the Actimize Cloud. The service provides insights and intelligence on this data, including changes in data patterns, criminal typologies, and rule and model performance.
Quarterly Consultation Meetings
Every quarter, an FI’s AML compliance team meets with ActimizeWatch AML experts and ActimizeWatch data scientists to receive insights on their data and to discuss FI-specific recommendations for better coverage and lower costs. Opportunities for improving SAR conversion rates, based on statistical evidence, are evaluated collectively.
Machine Learning-Based Model Optimizations
When needed and agreed upon by the financial institution, ActimizeWatch optimizes models uniquely for an individual FI, based on their business patterns and risks. These updates include machine learning-based segmentation of population groups, model tuning, and supervised-learning alert scores based on the likelihood of a SAR creation. These scores help ensure that the riskiest alerts are prioritized and routed correctly.
Additionally, by using dynamic anomaly detection algorithms, ActimizeWatch can identify new money laundering typologies not explicitly defined in advance.
Suspicious Activity Monitoring (SAM) model optimization results are reviewed with the financial institution’s compliance team, and when accepted, the FI’s IT team deploys the optimized model in their SAM simulation environment before promoting fully to production.
The ActimizeWatch Consortium
ActimizeWatch leverages data from across member FIs for improved money laundering insights. ActimizeWatch members receive a market-wide view of AML typologies and coverage patterns. This view can be used for benchmarking coverage against industry norms and for providing comparative statistical evidence to regulators.
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Hands-Off Experience for FIs - As a cloud-based service, ActimizeWatch moves the responsibility of SAM model performance monitoring and analytics optimization from the FI’s IT teams to NICE Actimize.
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Cost Predictability and Efficiency - ActimizeWatch is an ongoing managed analytics service, eliminating unplanned model tuning endeavors that require time and internal resources.
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Quality Alerts - As a managed analytics service, ActimizeWatch extends your compliance teams with AML experts and data scientists, working in a machine-learning monitoring and optimization environment. The benefit is analytics that dramatically reduce the cost of compliance by increasing true positives and SAR conversion rates.
High false positive rates continue to drive up AML operations and investigations costs. Advanced analytics can dramatically improve SAR conversion rates but require expertise in AML and data science. ActimizeWatch efficiently provides this expertise, helping users benefit from better SAR conversion rates and improved model governance and benchmarking.
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